House prices to keep rising for years

[robots]

Only 145 auctions
Only 40% volume of the same time last year and 60% less than last week........given the end of the FHB boost looming and such low volume I'm not surprised in the least with the clearance rate. Will be interesting post June 30

cheers

hello,

sure will be when there is very very low stock around,

you want something you have to pay, just like at the charcoal chicken shop

i know i know i know, it takes 12mths after the shonk exchange meltdown, no-one is going to have a job, and interest rates are going to 15%

thankyou
associate professor robots

 

[gav]

Only 145 auctions
Only 40% volume of the same time last year and 67% less than last week........given the end of the FHB boost looming and such low volume I'm not surprised in the least with the clearance rate. Will be interesting post June 30

cheers

Macca, I noticed the volume levels too. Some would argue volume should be higher, considering rising unemployment? (ppl being forced to sell) It shows that people don't think they'll get what they want for their property, so why would they sell if they don't have to?

Also, check out those median prices:
Houses - $580K
Units - $411K

Those prices are out of reach for many First Home Buyers, especially now that the banks are raising their LVR and don't count the govt grants as part of the deposits. I think that suggests that there would be less First Home Buyers than you think...

Robots, No gym today. Recovery is just as important as training, so I'm just resting up and eating lots

 

[singlefished]

Macca, I noticed the volume levels too. Some would argue volume should be higher, considering rising unemployment? (ppl being forced to sell) It shows that people don't think they'll get what they want for their property, so why would they sell if they don't have to?

Also, check out those median prices:
Houses - $580K
Units - $411K

Those prices are out of reach for many First Home Buyers, especially now that the banks are raising their LVR and don't count the govt grants as part of the deposits. I think that suggests that there would be less First Home Buyers than you think...

Robots, No gym today. Recovery is just as important as training, so I'm just resting up and eating lots

(I assume somebody forgot to tell Victoria that the rest of Australia was generally on holiday today right? Shhhhh, lets keep it a secret for next year too and the dumb @r$e REA's will do it again )

 

[gav]

(I assume somebody forgot to tell Victoria that the rest of Australia was generally on holiday today right? Shhhhh, lets keep it a secret for next year too and the dumb @r$e REA's will do it again )

Wasn't just today, volume has been down for quite some time now

 

[MrBurns]

If it wasn't for the Chinese there would be no one at auctions in Melbourne, the last of the FHBG buyers are lining up before the end of June , after that all sectors of the market will be in decline.

 

[ROE]

hello,

i know i know i know, it takes 12mths after the shonk exchange meltdown,

associate professor robots

Shonk exchange already meltdown so only recovery from here
Shonk Resi exchange hasnt so only meltdown from here before the recovery

 

[singlefished]

If it wasn't for the Chinese there would be no one at auctions in Melbourne, the last of the FHBG buyers are lining up before the end of June , after that all sectors of the market will be in decline.

MrBurns, you've just basically defined a word called "Kiasu" which I heard bandied about many many times over many many years in Singabore.

http://en.wikipedia.org/wiki/Kiasu

Here's a good example of where you'll see it in Australia :
When we used to live in Sydney you'd see this all the time at Circular Quay if you were wanting to catch a ferry around mid-morning or mid-afternoon. Old Chinese ladies gently barging their way to the front of the queue just before the gates would open and then subsequently charging down the access ramp like prop forwards with their bags tucked under their arms once boarding commenced - the reason, making sure they got a good seat inside the vessel with a nice view and plenty of leg room. And if one of their friends got left behind, well, no problem, just protect the desired seating from other passengers until they turned up... Very kiasu!


Sounds like the same is going on in Melbourne... Charging in head first to take advantage of the free money!!!

On a side note, if you get 2 or more kiasu parties turning up at an auction then you're laughing, they will bid to the death and you should make reserve no matter how high you set it as they wont want to lose face in front of eachother

 

[MrBurns]

Reminds me of a story about the Jewish in Melbourne , if you're at an auction with them and rhey want the property I've heard of cases where $10K will be dropped in your pocket to stop you bidding.

That was in the 70's

 

[MACCA350]

hello,

sure will be when there is very very low stock around,

you want something you have to pay, just like at the charcoal chicken shop

i know i know i know, it takes 12mths after the shonk exchange meltdown, no-one is going to have a job, and interest rates are going to 15%

thankyou
associate professor robots

Ever the optimist there robots
We had a look at a few more this week, there's plenty of properties up for sale, from the look of it people are deciding not to sell through auctions.......there's still volumes there in the market, just less going to auction. Many decent properties have been on the market for 3+, 6+ and even 12+ months.

Had my eye on an interesting massive 95sq house(not completed but at lockup stage) on 6000sq mtr block being dropping down in price, still sitting there after 6 months or more, just not sure I want the hassle of finishing it off.

Many other turnkey properties around, we've been looking at a few every week for the last 9months and there are still so many to look at, and new ones showing up every few days. So from what I have seen there are plenty of properties around, I have noticed that in the last couple months there has been an increase of those sold especially in the sub $500k range.

cheers

 

[robots]

hello,

no i dont believe many are selling through private treaty in the prime auction areas, and this is reflected in the numbers up for auction and the clearance rate

my barometer is the st kilda hill area and there is just no signs anywhere, fantastic

thankyou
robots

 

[kincella]

robots...private sales 718...its in that link...oh and note the houses over 1 mill selling

 

[robots]

hello,

yes the private sales are 718, and these are typically from areas where auctions are not held

the agents just want to get in the press

thankyou
robots

 

[kincella]

well I checked out a few of the suburbs....on average maybe one sale per suburb Vic wide

 

[MACCA350]

Are there figures for how many houses are on the market in total week by week?

BTW robots, I'm watching the west, north west, and northern region for 4br houses around $500k

cheers

 

[robots]

Are there figures for how many houses are on the market in total week by week?

BTW robots, I'm watching the west, north west, and northern region for 4br houses around $500k

cheers

hello,

no worries,

some ASF members would often post the total number of properties for sale, they havent done this for a while

many would extrapolate certain outcomes from the data, i wouldnt have a clue what it all means

thankyou
associate professor robots

 

[MACCA350]

Only 145 auctions
Only 40% volume of the same time last year and 67% less than last week........given the end of the FHB boost looming and such low volume I'm not surprised in the least with the clearance rate. Will be interesting post June 30

Just read Enzo's overview(usually just look at the figures), seems I'm not the only one with the above thoughts

The fact that we have recorded the best result today since the end of 2007 is a reflection of the low number of homes on offer at auction and the impending end of the First Home Owners Boost and First Home Owners Bonus.

cheers

 

[MACCA350]

hello,

no worries,

some ASF members would often post the total number of properties for sale, they havent done this for a while

many would extrapolate certain outcomes from the data, i wouldnt have a clue what it all means

thankyou
associate professor robots

That's unfortunate there are no real numbers for the total volume. Would love to see a graph of total volume and total sales over the last few years.

cheers

 

[kincella]

it was Anzac day for goodness sake....next week they have over 400 for auction and probably twice as many for private sale...and then there are the houses that never see an agent.....as the link below

just in case you are in the market for a 1 mill home ....some interesting advice on this site....
http://www.morrellandkoren.com.au/10years.html

 

[kincella]

macca....do a google..the information is out there...either the RBA or the ABS...I have posted it myself somewhere ...but to find it is too hard....

 

[MACCA350]

macca....do a google..the information is out there...either the RBA or the ABS...I have posted it myself somewhere ...but to find it is too hard....

Thanks, I'll have a look around.

cheers